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Business news from Australia and around the world: companies, deals, earnings, regulation and the people running them.

1813 articles · page 8 of 38

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Business

Tesla halts Australian Cybertruck plans, refunds deposits after seven-year wait

Tesla has confirmed it will not produce a right-hand-drive version of the Cybertruck for Australia and New Zealand, ending a wait that began with deposits in 2019. In an email to customers reported by news.com.au, the company said plans had been discontinued, with deposits to be refunded within 30 days. Customers who instead buy a Model 3 or Model Y will receive a complimentary 12-month Full Self-Driving subscription.

·1 min
Business

SpaceX posts $561 million gain from Boring Co. stake, Musk hints at Tesla merger

SpaceX reported on Thursday that its stake in Elon Musk’s The Boring Company generated a $561 million investment gain during the third quarter, accounting for more than half of the space company’s “other income” and helping lift net income to just over $4 billion. During SpaceX’s earnings call, Musk said he thought it would be a “good idea” for SpaceX and Tesla to merge and confirmed that both companies have formed special committees to discuss a potential transaction.

·2 min·2 sources
Business

SK Hynix Shares Fall After Halting Subsidiary Solidigm's IPO Plans

Shares of South Korean chipmaker SK Hynix fell up to 3% in Seoul on Friday after the company announced it would halt its review of a potential US initial public offering for its subsidiary, Solidigm. The decision comes as financial market volatility and regulatory concerns in South Korea clouded the listing's prospects, even as the company faces pressure to expand US manufacturing capacity to meet growing AI memory demand.

·2 min·2 sources
Business

Higher Fares, Fewer Seats: US Airlines Brace for a New Normal as Fuel Costs Bite

US airlines are raising fares and cutting back on money-losing flights as jet fuel prices surge, with many executives signalling that the shift is permanent. Airfares rose 22 percent in September from a year earlier, the 10th consecutive monthly increase, and fuel bills are piling pressure on carriers across the industry. American Airlines reported its fuel bill jumped nearly 70 percent in the third quarter, adding $1.9 billion in costs, while Delta expects its fuel bill for the year to come in $6 billion above last year's.

·3 min
Business

ASX defies US tech rout to close slightly higher

The Australian share market finished the trading day slightly higher, defying expectations of a fall after US tech stocks tumbled and oil prices surged. The ASX 200 closed up two points at 8,795, with Consumer Discretionary and Financials leading gains while Materials and Information Technology dragged. The result came despite a 7% drop in Meta shares overnight after investors balked at its plans to increase AI spending, and Brent crude topping $US113 a barrel on further Houthi attacks on Saudi Arabia and concerns about a fresh escalation between the US and Iran.

·4 min·2 sources
Business

UK regulators propose easing post-crisis accountability rules for City bosses

The Bank of England and the Financial Conduct Authority (FCA) have proposed significant relaxations to the senior managers regime introduced after the 2008 financial crisis. The changes would mean only the most senior executives, such as chief executives and chief financial officers, must prove they are fit and proper each year, freeing about 140,000 other staff from enhanced checks. The regulators say the reforms will save businesses £2bn over a decade while maintaining high standards of individual accountability.

·2 min·2 sources
Startups

A16z Drops 'Crypto' From Its Fund Name, Broadens Focus to AI and Autonomous Machines

Andreessen Horowitz announced Thursday it is rebranding its a16z Crypto investment unit to a16z Frontier, expanding its mandate beyond digital assets to invest in artificial intelligence, autonomous machines, and other emerging technologies. The $2.2 billion fund, launched with a crypto-only focus in May, will continue backing blockchain companies, but the name change marks a significant shift for the firm.

·2 min·5 sources
Startups

Helion secures $175M CHIPS award for semiconductor development tied to fusion

Fusion startup Helion has secured a letter of intent from the U.S. Department of Commerce for up to $175 million in CHIPS Act funding to support advanced semiconductor research and manufacturing, the company announced. The three-year initiative, which Helion is matching with $50 million in private investment, will focus on high-voltage semiconductors for commercial fusion energy systems and domestic supply chain development.

·3 min·2 sources
Business

Meta shares fall 6% and credit costs hit record as AI spending strains finances

Meta shares fell about 6% on Thursday and the cost of insuring the company's debt hit an all-time high after the social media giant reported negative free cash flow and raised the lower end of its full-year capital expenditure forecast, underscoring investor unease over its artificial intelligence spending plans. In its earnings release Wednesday, Meta also announced a new class of nonvoting stock to help finance growth and preserve its founder-led structure, and warned that CEO Mark Zuckerberg could leave California if a proposed state wealth tax passed.

·2 min·2 sources
Business

Trump ordered to sit for deposition in BBC defamation lawsuit by December 11

A US federal judge has ordered President Donald Trump to sit for a deposition in his $10 billion defamation lawsuit against the BBC by December 11, threatening possible sanctions including dismissal of the case if he fails to comply. The ruling by US Magistrate Judge Enjoliqué Lett came after the BBC's lawyers complained that Trump had delayed his appearance, cancelling an agreed October 16 date for what he called a "matter of national importance" but was in fact a campaign event in Georgia.

·3 min·21 sources
Business

US jobless claims near lowest since 1960s as employers hold onto workers

Weekly jobless claims in the United States slipped to 194,000 for the week ending October 17, hovering near the lowest levels recorded since the 1960s, even as hiring remains tepid and the unemployment rate ticked up to 4.2 percent. The Labor Department data, released Thursday, shows that employers continue to hold onto workers despite an uncertain economic backdrop, with the four-week moving average falling to 197,750.

·2 min·2 sources
Business

American Airlines forecasts deeper loss in 2026, plans to slow growth amid fuel spike

American Airlines has forecast a larger full-year loss for 2026 than previously expected, blaming a sharp spike in jet fuel costs linked to the Iran war, and said it will slow capacity growth next year. The Fort Worth-based carrier now expects to lose between $1 and $1.60 per share on an adjusted basis for the full year, a significant downgrade from its July forecast of up to 65 cents per share profit to a 65-cent loss.

·3 min·3 sources